Glassnode Says Bitcoin Break Below $76,000 Range Puts $71,000 Area in Focus
Summary
- The on-chain analytics firm Glassnode said Bitcoin (BTC) could extend its decline to around the $71,000 area.
- Bitcoin was trading near $76,000, down about 4.6% for the week, and was sitting slightly below the lower end of its previous trading range.
- Glassnode highlighted the True Market Mean (TMM) at $76,700, the average acquisition cost of active Bitcoin, and the short-term holder cost basis near $71,300 as key price levels.
Bitcoin could face further losses toward the $71,000 area after slipping below the lower end of the trading range it had maintained since late August, according to Glassnode.
On Sept. 16, the on-chain analytics firm said Bitcoin was trading near $76,000, down about 4.6% for the week. That left the token slightly below the bottom of its previous range after a decline around the U.S. Senate's vote on the Clarity Act.
The current price is about 1% below the True Market Mean, or TMM, of $76,700, which represents the average acquisition cost of active Bitcoin excluding long-dormant supply.
Glassnode pointed to the next key price level at about $71,300, the short-term holder cost basis. The metric reflects the average purchase price of Bitcoin bought over the past five months.
JH Kim
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